Grow Your Wealth…
Not Just Your Business
Building wealth involves strategic planning. The experts at Raymond James Ribble Valley advise on how you can do this
You’ve made it! You have your own business which is running at a profit. Yes, it’s hard work but you’re in charge of your destiny. You love this sector. You have flexibility over your hours. You’re happy!
Except:
• Are you building wealth as well as a business?
• How long will you have to do this?
• Will the good times see you through the bad ones?
• What is your exit strategy for when you want one?
• How much will you need to provide a comfortable retirement when the income stream from your business is turned off?
Running a business provides a unique opportunity to build wealth and create financial security. Building wealth requires strategic planning and deliberate actions to maximise your success, much like running your business. But the two disciplines are somewhat different. While there is no guaranteed formula for success, following certain principles can significantly increase your chances of achieving financial prosperity. Your business needs to fund its own prosperity and your desired lifestyle, but you also need to have a plan to retain that desired lifestyle up to and through retirement.
Before focusing on wealth-building strategies, it is crucial to establish a solid financial foundation. Doing it lays the groundwork for long-term financial success and ensures stability along your journey toward wealth creation. Develop a comprehensive budget that outlines your business and personal expenses. Differentiate between needs and wants and allocate resources accordingly.
Continuously investing in your personal and professional growth can significantly impact your long-term, wealth-building prospects. Acquiring specialised knowledge can lead to improved business performance and increased earning potential. Surrounding yourself with like-minded individuals, mentors and advisors can provide invaluable guidance, business opportunities and support.
Building wealth is a marathon, not a sprint. When it comes to building wealth, it’s important to be aware of obstacles that can hinder your progress. By identifying and addressing these bottlenecks proactively, you can navigate your financial journey more effectively and increase your chances of long-term success.
Overdependence on a single business or investment can expose you to significant risks. Explore multiple business opportunities or investments to spread your risk and increase your chances of long-term success. In a rapidly-changing business landscape, you must adapt to emerging trends and technologies to ensure long-term success. Stay proactive and embrace innovation.
Inadequate risk management can leave your business vulnerable to financial setbacks. One crucial aspect of risk management is acquiring appropriate insurance coverage tailored to your business’s needs.
As if you hadn’t enough to do! Take a breath, help is at hand.
At Raymond James Ribble Valley the team of wealth managers has specific skills and experience to help you navigate your wealth-building journey. We work with business owners across the Ribble Valley, both on a business and personal level, understanding their priorities and goals, personal and professional.
With investment strategies covering pensions, asset management, diversified portfolio management, ISAs, government and corporate bonds, the Raymond James Ribble Valley team will help you develop a disciplined approach to saving and investing. In-house tax planning expertise combines with exit and succession planning to maximise the wealth potential that comes from owning your own business.
Don’t let what you have achieved so far be in vain in the long term. Convert your entrepreneurialism into wealth by speaking to our team.
To book an appointment call 01772 780300 or email: info@rjiswealthmanagement.co.uk
With investing, your capital is at risk. Opinions constitute our judgement as of this date and are subject to change without warning. This article is intended for informational purposes only and no action should be taken or refrained from being taken as a consequence without consulting a suitably qualified and regulated person.
Raymond James Investment Services Limited
8 Berry Lane, Longridge
Preston PR3 3JA
01772 780300
ribblevalley.raymondjames.uk.com
